Accounting Discrepancies Sample Clauses
The Accounting Discrepancies clause establishes procedures for identifying, reporting, and resolving inconsistencies or errors in financial records between parties. Typically, this clause outlines the timeframe within which discrepancies must be reported, the process for investigation, and the method for correcting any errors found, such as through adjustments or reconciliations. Its core practical function is to ensure transparency and accuracy in financial dealings, thereby minimizing disputes and maintaining trust between contractual parties.
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Accounting Discrepancies. If any audit or inspection made by or on behalf of City discloses any discrepancy in any statement(s) of Parking Rates Revenues of the Parking Facility and/or in the amount of any sums of money actually deposited in the City designated account(s) or owed, Manager immediately shall pay the sum of money owed to City, plus a service charge of one- half percent (1 ½%) per month of the sum of money owed, or prorated for a portion thereof, from the date the sum should have been paid to City to the date payment is made to City. In addition, if an audit or inspection discloses a single cumulative discrepancy in excess of two percent (2%) of the amount previously paid by Manager to City for the monthly period in question, Manager immediately shall pay to City the cost of the audit and/or inspection. The cost of the audit and/or inspection shall include all reasonable direct and indirect costs incurred by the City, including but not limited to salary and administrative overhead (as determined by the City) costs of City, charges for consultants, materials, equipment, and supplies.
Accounting Discrepancies. Executive shall be subject to any policy adopted by the Company after the Effective Date which is applicable to senior executives of the Company generally and which requires restitution by such an executive with respect to any payment made or benefit provided to, or on behalf of, such an executive, the calculation of which is based in whole or in part on accounting discrepancies or erroneous financial information.
Accounting Discrepancies. If any audit or inspection made by or on behalf of City discloses any discrepancy in any statement(s) submitted by Manager pursuant to Section 5.6 and/or in the amount of any sums of money actually paid to the City in favor of the City, Manager immediately shall pay the sum of money owed to City, plus interest equal to an amount as set forth in Subsection 5.6(d), from the date the sum should have been paid to City to the date payment is made to City. In addition, if an audit or inspection discloses a cumulative discrepancy in excess of ten percent (10%) of the amount previously paid by Manager to City for the monthly period in question, Manager immediately shall pay to City the cost of the audit and/or inspection. The cost of the audit and/or inspection shall include all reasonable out of pocket costs incurred by City to do the audit and inspection. Payment of the penalty and cost of the audit are, at the option of the City, in addition to other remedies available for defaults in accordance with Subsection 5.6(d).